This paper clarifies a macroeconomic condition, under which households are divided between a working class and an asset-owner class. Constructing a Keynesian model, we find that if aggregate savings from profits exceed aggregate investment, workers cannot accumulate their assets, and...

Industrial development is often accompanied by massive migration from agricultural to industrial areas. This paper compares two steady states, the first and the second, which emerge before and after the termination of such migration, respectively. The paper shows that 1) the employment rate must...

This note examines how the second chance, when provided to a disadvantaged player, can resolve the prisoner’s dilemma.

This note examines how the second chance, when provided to a disadvantaged player, can resolve the prisoner’s dilemma.